During the week ending January 21, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have moved sideways, while transaction activity in the domestic market has been at low-to-medium levels. Average PPGI prices in the local Chinese market are presented in the following table.
Offer prices of ex-China PPGI have been heard between $920-960/mt, remaining stable week on week.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
6,870 |
0 |
1,082 |
0 |
|
0.426 x 1,000 |
CGCC |
6,986 |
0 |
1,100 |
0 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have remained stable amid the slack demand in the traditional offseason. As the Chinese New Year holiday is approaching, some traders and downstream users have started to exit the market ahead of the holiday, which will exert a negative impact on the PPGI market. It is expected that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of January 21, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 4,822/mt ($759.4/mt), up RMB 50/mt ($7.9/mt) or 1.05 percent from RMB 4,772/mt on January 14.
$1 = RMB 6.3492